Market-Oriented and Product-Oriented Approaches
Need help with my writing homework on Market-Oriented and Product-Oriented Approaches. Write a 1750 word paper answering; In business, there are two approaches to marketing, which are the product-oriented approach and marketing-oriented approach. These two approaches determine the development of products. In the market-oriented approach, the business acts upon the wants of the customers. The decisions that are undertaken are founded on the information regarding the wants and needs of the consumers, rather than depending on what the business assumes is good for the consumer. Many of the successful businesses use the market-oriented approach (Medeiros 2010). On the other end, a product-oriented approach implies that the development of the products depends on what the firm considers to be good at doing or making but not on what the customer wants. The criticism of this approach arises from the fact that in most cases leads to the production of products that are unsuccessful, specifically in the markets that are well established.A behavioral approach that attempts to explain the marketing orientation from a perspective that is different is adopted by Elliot. He gives the suggestion that the idea of marketing orientation, together with the philosophy of setting a priority in satisfaction of the needs of the customers, though necessary, is not sufficient and needs revisiting. He gives the opinion that making strategies that are aimed at attaining the satisfaction of the customer requires to be perceived as a part of the idea of marketing orientation. The strategic-behavioral approach used in the explanation of the marketing orientation has been accepted ad-supported as well by other authors. As a matter of fact, trials have been made in giving the explanation that marketing orientation needs developed marketing skills, emphasizing particularly in the formation and implementation of marketing strategies. It also needs changes in the structure of the organization and also the marketing systems used by the company. Within the behavioral-strategic approach framework to the marketing orientation, a suggestion from Piercy is that marketing orientation is constituted by three factors (Rosinski, Philippe 2010). The first element is the strategies that are concerned with the important decisions of defining the market and also segmenting it as well as identifying the potential bases for differentiating the products of the company against those offered by the competitors. Second, it is the plans that regard developing policies that help in developing the market mix. The third factor is the information that concerns the whole market, which is useful for designing, controlling, and planning the strategies. With this description of marketing orientation, a clear establishment of the behavioral approach by Piercy has achieved in the definition the idea of marketing orientation.